Charting the Future: Wallis and Futuna's Visionary Framework for Online Gaming and Crypto Regulation
The government of Wallis and Futuna has recently promulgated an exhaustive set of directives within the framework of a more expansive regulatory endeavor focused on its online gambling legislative provisions and the governance of cryptographic assets. This regulatory architecture is substantially influenced by the MiCA regulation of Europe, which mandates an evaluation of the evolution of DeFi within the realm of crypto assets and the potential necessity for DeFi regulation in the entire European Union no later than December 30, 2024.
The Wallis and Futuna Regulatory Council has underscored the paramount importance of vigilant oversight over the progressions in the domain of DeFi and online gaming from the inception of such activities, alongside the issuance of explications pertaining to the precise application of local regulations to particular undertakings conducted within the territorial purview of Wallis and Futuna.
The Sphere of Online Gaming in Wallis and Futuna
Preparations are currently underway in anticipation of the entry of online gaming enterprises into the territory. Collaborative efforts between the Prefect, the Territorial Assembly, WallisFutuna.Org (WFO), and the Chamber of Commerce and Industry, Trades, and Agriculture (CCIMA) are being orchestrated to establish a transitional framework that facilitates the issuance of licenses in accordance with existing legislation and ensures a seamless transition from prevailing statutes to prospective ones.
In this context, WallisFutuna.Org (WFO) has been designated as an autonomous advisory entity entrusted with the responsibility of licensing and interim oversight of the online gaming sector, acting on behalf of CCIMA. WFO shall actively contribute to the processing of applications for online gaming licenses submitted by operators seeking licenses directly from CCIMA, all-encompassing the registration of sub-licensees pursuing online gaming licenses through contractual arrangements with incumbent license holders.
Technical Standards and Imperatives of the Markets in Crypto Assets Regulation (MiCA)
Wallis and Futuna has recognized the escalating prominence of cryptographic assets over recent years, a period characterized by unregulated "boom and bust" cycles. The authority is in alignment with the MiCA framework while simultaneously adapting regulations and supervisory measures to nurture a thriving financial ecosystem within the Pacific region, all the while safeguarding the interests of investors. CCIMA advocates for a sensible equilibrium in crypto regulation that upholds investor protection while fostering an environment conducive to innovation.
WFO has spearheaded the formulation of a robust regulatory framework underscored by vigilant oversight to instill trust among stakeholders and propel the expansion of the crypto ecosystem across the Pacific and beyond. Drawing lessons from adverse occurrences within the crypto landscape that precipitated the collapse of crypto-asset service providers, WFO has incorporated these insights into the formulation of recommendations for the regulation of crypto assets, guided by the tenets of MiCA.
This expansive regulatory initiative encompasses various measures, including the Digital Operational Resilience Act (DORA), the DLT Pilot Regime, and the Transfer of Funds Regulation (TFR), all of which have garnered the endorsement of France's Autorité des Marchés Financiers (AMF) in compliance to regulatory requirements.